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NDIC committed to protecting depositors’ funds – MD, Hassan

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The Nigeria Deposit Insurance Corporation, NDIC, says its priority remains the protection of depositors’ funds.

As a result, it has reimbursed depositors of 179 rested microfinance and four mortgage banks across the country.

Dr Bello Hassan, the Managing Director of the NDIC, represented by Hauwa Gambo, the NDIC’s Deputy Director of Communication, at the NDIC Special Day during the ongoing 45th Kaduna International Trade Fair on Thursday, explained, “Our priority at NDIC is the protection of Nigerian depositors.”

He added that they were dedicated to safeguarding depositors’ funds from the adverse effects of bank failure, saying that the corporation had introduced the Single Customer View framework to expedite payment to depositors of closed banks.

According to him, the corporation has enhanced collaboration with the judiciary for speedy prosecution of failed insured institutions, assuring that the concerted effort has resulted in resolving long-drawn cases of closed banks.

The corporation, he further explained, has utilised alternative dispute resolution mechanisms and out-of-court settlements, revitalising their liquidation activities.

He stated that the NDIC launched the ‘Deposit Tracer’ in partnership with mobile operators to allow depositors to access their unpaid balances through mobile accounts, adding that it is meant to address the apathy among depositors with small balances.

To claim their funds trapped in closed banks, the Managing Director advised depositors of banks in liquidation to utilise the various initiatives by the corporation.

He stated that the NDIC has been compensating the clients of the 179 microfinance banks and four primary mortgage banks affected promptly, adding that the corporation deployed digital remote payment strategies to facilitate electronic funds transfers to verified depositors’ alternate bank accounts.

ln carrying out its statutory functions, Hassan explained that the corporation has introduced the Single Customer View framework to enhance payment to depositors of liquidated banks.

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